South Street Advisors LLC Has $24.60 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

South Street Advisors LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,072 shares of the information services provider’s stock after selling 3,630 shares during the quarter. Alphabet makes up 3.7% of South Street Advisors LLC’s portfolio, making the stock its 7th largest holding. South Street Advisors LLC’s holdings in Alphabet were worth $24,603,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Christopher J. Hasenberg Inc grew its holdings in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares in the last quarter. Kings Path Partners LLC bought a new position in Alphabet in the 2nd quarter worth approximately $36,000. Tributary Capital Management LLC bought a new position in Alphabet in the 1st quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC bought a new position in Alphabet in the 4th quarter worth approximately $30,000. Finally, Denver PWM LLC bought a new position in Alphabet during the 2nd quarter valued at $41,000. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the completion of the transaction, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The disclosure for this sale can be found here. Insiders have sold a total of 180,867 shares of company stock worth $29,878,106 over the last three months. Corporate insiders own 11.55% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOGL opened at $162.29 on Wednesday. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The stock’s 50-day moving average is $163.80 and its two-hundred day moving average is $166.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $2.01 trillion, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period last year, the company earned $1.44 earnings per share. On average, analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Analysts Set New Price Targets

A number of brokerages have issued reports on GOOGL. JPMorgan Chase & Co. increased their price target on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Loop Capital reaffirmed a “hold” rating and set a $170.00 price target on shares of Alphabet in a research note on Wednesday, July 3rd. Bank of America increased their price target on Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Wedbush reiterated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research report on Thursday, September 5th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $222.00 price objective on shares of Alphabet in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $201.08.

Alphabet Company Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.